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Assignment 3 Instructions.html

assignment 3 instructions - Accounts Receivable Project

assignment description and guidance

Assignment Description

This project has been adapted from Using Sage 300 2021, Heaney, Pearson.

The information provided in this project will allow you to set up the Accounts Receivable module, add customer groups and customers, enter opening balances, current year transactions, process deposits and perform periodic processing for Cascading Waterfalls.  

If you are working through all of the modules in this textbook, continue with your data from the Accounts Payable project.  However, if you are only working through the Accounts Receivable module, you will require the completed General Ledger data from your instructor and you must complete the Bank and Tax Services module before beginning the Accounts Receivable project.

Note: As you work through the assignment, make sure you print all reports to pdf when indicated in the assignment. You don’t need to submit all reports – only the ones requested and listed in the end. However, if you don’t print to pdf (view on screen and save as a pdf) when indicated, once you move on, you can’t return to print a report in pdf.

assignment Instructions

1. Start the Sage 300 2021 program and select the Cascading Waterfalls as the company database using 01/31/2023 as the Session date.

2. Activate the Accounts Receivable module.

3. Modify the Accounts Receivable options to include the following criteria:  (accept the defaults for items not listed below)

   1. Enter your name as the Accounts Receivable contact 

   2. Process Recurring Charges

   3. Invoice, receipts and adjustment batches do not have to be printed before posting

   4. Keep Customer and Group Statistics

   5. Keep Item Statistics

   6. Keep Salesperson Statistics

   7. Allow invoices to be printed

   8. Allow invoices that have been printed but not yet posted to be edited

   9. Use RBC as the default bank code for receipts

   10. Receipt batches can be edited after Deposit slips have been printed

   11. Deposits slips do not have to be printed before the receipt batch can be posted

   12. Adjustments can be entered in receipt batches

4. Enter the following information on the A/R G/L Integration form:

   1. General Ledger transactions must be created during posting

   2. General Ledger transactions must be created in a new batch

   3. Do not consolidate General Ledger batches

5. Add an account set for items you sell from the Sales department and an account set for items you sell from the Service department.  Use the following accounts:

   Sales Dept:
   Account Set Code:	SALES
   Receivables Control:	1030
   Receipt Discounts	4510-100
   Prepayment Liability:	1060*
   Write-offs:	6005-100
   *This account must be set up in the General Ledger module. May already exist.
   Service Department:
   Account Set Code:	SER
   Receivables Control:	1030
   Receipt Discounts	4510-200
   Prepayment Liability:	1060
   Write-offs:	6005-200

6. Add a billing cycle to be used for all customers using a code of “ALL”.  Use 30 as the frequency number of days.

7. Cascading Waterfalls sells and rents indoor waterfalls as well as repairs them. Enter an item for the sale of indoor waterfalls and another item for repairs.  Add the following distribution codes:

   Distribution Code	Description
   INDFLS	Indoor Waterfalls
   	General Ledger Accounts:	Revenue:	4500-100
   		Inventory:	1050
   		COGS:	5000-100
   REPAIR	Repairs
   	General Ledger Accounts:	Revenue:	4500-200

8. Enter the following interest profiles:

   1. 0% annual interest rate – for sales customers

   2. 15% annual interest rate – for service customers Calculate Interest by:            Document Round up to minimum:         Yes Minimum Interest Charge:   10.00                                                 1 Day You must create an interest income account for each department.  Create account numbers 4505-100 and 4505-200 for the appropriate departments.

9. Add the following payment codes:
   1. American Express
   2. Visa
10. Add the following terms:
    1. Net 30 days
    2. 2% 10, Net 30
    3. Multiple installments –40% due in 30 days, 60% due in 60 days
11. Add the following item:

    Item Number:	INDOOR FALLS
    Description:	Indoor Waterfalls
    Distribution Code:	INDFLS
    Unit of Measure:	Each
    Item Cost:	1,500.00
    Item Price:	3,800.00
    Tax Authority:	HST, Tax Class: 1

12. Add the following customer groups:

    Group Code:	SLS
    Description:	Sales
    Account Type:	Open Item
    Account Set:	SALES
    Terms Code:	2% 10, Net 30
    Billing Cycle:	ALL
    Interest Profile:	0%
    Allow Edit of Credit Check:	Yes
    Credit Limit Amount:	5,000.00
    Tax Group	ONT
    Group Code:	SRV
    Description:	Service
    Account Type:	Open Item
    Account Set:	SER
    Terms Code:	Net 30
    Billing Cycle:	ALL
    Interest Profile:	15%
    Allow Edit of Credit Check:	Yes
    Credit Limit Amount:	2,500.00
    Tax Group	ONT

13. Add the following customers: (all customers pay by CHECK except as noted - accept all other defaults for fields not listed below)

    Suzie’s Flower Shoppe	Customer #:	1500
    	Group Code:	SLS
    	Terms Code:	2% 10, Net 30
    35 East Main Street	Credit Limit:	6,000.00
    Thornhill, Ontario
    M2L 1T1
    Tel:  (416) 363-1524	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Hamilton Convention Hall	Customer #:	1505
    	Group Code:	SLS
    	Terms Code:	Net 30
    1252 Steeles Ave.	Credit Limit:	10,000.00
    Toronto, Ontario
    N2P 1R2
    Tel:  (416) 678-8416	Tax Group:	ONT
    	HST Class:	1 - Taxable
    The Wedding Chapel	Customer #:	1510
    	Group Code:	SRV
    	Terms Code:	Installments
    155 Bloor Street	Credit Limit:	5,000.00
    Toronto, Ontario
    L9P 1J3
    Tel:  (905) 278-8169	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Payment method	Visa
    The Leighland Centre	Customer #:	1520
    	Group Code:	SRV
    	Terms Code:	Net 30
    645 Easton Street	Credit Limit:	6,000.00
    Hamilton, Ontario
    L7R 3T5
    Tel:  (905) 522-9865	Tax Group:	ONT
    	HST Class:	1 - Taxable
    The Design Haus	Customer #:	1525
    	Group Code:	SLS
    	Terms Code:	2% 10, Net 30
    955 Queen Hill Drive	Credit Limit:	2,000.00
    Kitchener, Ontario
    N2A 1B7
    Tel:  (519) 741-4281	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Dogwood Recreation Centre	Customer #:	1530
    	Group Code:	SRV
    	Terms Code:	Net 30
    81 Current Meadow Dr	Credit Limit:	4,000.00
    Guelph, Ontario
    N1E 0J7
    Tel:  (519) 824-6444	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Conway Banquet Hall	Customer #:	1535
    	Group Code:	SRV
    	Terms Code:	2% 10, Net 30
    27 Linwood Street	Credit Limit:	6,000.00
    Burlington, Ontario
    L7L 3T9
    Tel:  (905) 632-4852	Tax Group:	ONT
    	HST Class:	1 - Taxable
    The Flower Shoppe	Customer #:	1540
    	Group Code:	SLS
    	Terms Code:	2% 10, Net 30
    8099 Lunar Blvd.	Credit Limit:	2,000.00
    Oakville, Ontario
    L6H 2T5
    Tel:  (905) 469-0764	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Shelley’s Banquet Hall	Customer #:	1545
    	Group Code:	SLS
    	Terms Code:	Net 30
    558 Foxwood Dr.	Credit Limit:	3,200.00
    Burlington, Ontario
    L7L 1R2
    Tel:  (905) 632-5555	Tax Group:	ONT
    	HST Class:	1 - Taxable
    Weddings-R-Us	Customer #:	1550
    	Group Code:	SLS
    	Terms Code:	2% 10, Net 30
    1259 Gardenview	Credit Limit:	6,000.00
    Thornhill, Ontario
    M2L 1T1
    Tel:  (416) 363-2288	Tax Group:	ONT
    	HST Class:	1 - Taxable

14. Enter the following customer's December 2022 historical invoices.  All taxes on these invoices should be 0.00.  Use 01/31/2023 as the batch date.  Use account 4500-100 as the revenue account for all invoices. Accept the Credit Check screen if it is displayed while entering invoices.

    Name	Terms	Date	Invoice	Amount
    Conway Banquet Hall	21030	12/05/22	657219	$ 355.00
    The Flower Shoppe	21030	12/06/22	657220	189.00
    Shelley’s Banquet Hall	21030	12/06/22	657221	1,900.00
    Dogwood Recreation Centre	21030	12/07/22	657222	225.00
    Weddings-R-Us	21030	12/08/22	657223	2,985.00
    The Wedding Chapel	21030	12/08/22	657224	566.00
    Suzie’s Flower Shoppe	21030	12/10/22	657225	6,200.00
    Hamilton Convention Hall	Net 30	12/12/22	657226	7,250.00
    The Wedding Chapel	INSTAL	12/18/22	657227	8,330.00
    			TOTAL	$     28,000.00

15. Enter the following customer's January 2023 historical invoices.  All taxes on these invoices should be 0.00.  Use 01/31/2023 as the batch date.  Use account 4500-100 as the revenue account for all invoices. 

    Name	Terms	Date	Invoice	Amount
    Suzie’s Flower Shoppe	21030	01/07/23	8912	$    551.44
    The Leighland Centre	Net 30	01/09/23	8913	265.55
    Hamilton Convention Hall	21030	01/12/23	8914	2,542.50
    The Wedding Chapel	21030	01/19/23	8915	4,277.05
    The Design Haus	21030	01/25/23	8916	276.85
    Dogwood Recreation Centre	21030	01/10/23	8917	988.75
    			TOTAL	$      8,902.14

16. Print the batch listing report for both historical invoice batches and view it for accuracy. – (All Reports that are to be PRINTED – means view on-screen and then SAVE a PDF of the report.  Not all reports are to be handed in, but some cannot be re-printed after the fact.)

17. Post the batches together after you have checked them for errors.

18. Print the Posting Journal.

19. Print the General Ledger batch listing for the batch that was sent directly to the General Ledger from the historical invoices entered in the Accounts Receivable module.

20. Delete the batch in the General Ledger that was created by the Accounts Receivable historical invoice batch. Why is it necessary to delete this batch?

21. Print the Tax Tracking report from 2022-12 to 2023-01. Select Sales as the Transaction Type.

22. Clear the Tax Tracking report information from 2022-12 to 2023-01 for the Sales Transaction Type. 

23. Create a Dummy bank record. Create account 1012 – Dummy bank account in the General Ledger module and use it in the Dummy bank record. You will also need to create a Write-Off account (6220-100) in the General Ledger module.

24. Enter the following historical receipt batch. Enter 01/31/2023 as the batch date. Use the DUMMY bank record for this batch. Take discounts where applicable. 

    Name	Date	Cheque	Amount	Apply to:
    Conway Banquet Hall	01/04/23	6281	$    347.90	657219
    The Flower Shoppe	01/06/23	2611	185.22	657220
    Shelley’s Banquet Hall	01/08/23	23541	1,862.00	657221
    Dogwood Recreation Centre	01/10/23	495	220.50	657222
    Weddings-R-Us	01/12/23	00988	2,925.30	657223
    The Wedding Chapel	01/15/23	2131	554.68	657224
    			6,095.60
    		Discounts	124.40
    	TOTAL		$   6,220.00

25. Print the batch listing report for the historical receipt batch and view it for accuracy.

26. Deposit & Print the Deposit Slip

27. Post the batch after you have checked it for errors.

28. Print the Receipt Posting Journal.

29. Print the General Ledger batch listing for the batch that was sent directly to the General Ledger from the Accounts Receivable module.

30. Delete the batch in the General Ledger that was created by the Accounts Receivable historical receipt batch. Why is it necessary to delete this batch?

31. Print the Accounts Receivable Aged Trial Balance report by the due date as of 01/31/2023 with a cutoff date of 01/31/2023. Review the balance total and write it down. You will compare it to the General Ledger module in the next step. 

32. Use the Account History Inquiry in the General Ledger module to confirm the amount of the Accounts Receivable account in the General Ledger as of Period 1 in 2023. The balance of the Accounts Receivable account should be the same as the total in the Accounts Receivable Aged Trial Balance report printed in the previous step.  

33. Make the Dummy Bank record inactive. 

34. Make account 1012 – Dummy bank & 6220-100 - write off accounts inactive. 

35. Change the session date to 02/28/2023.

36. Enter the following current year invoices.  Use 02/28/2023 as the batch date.

    Name	Terms	Date	Inv. No.	Amount
    Suzie’s Flower Shoppe	2% 10, Net 30	02/05/23	8918
    		Item:		Indoor Falls
    		Quantity		1
    		Unit Price (ea.)		3,200.00
    		HST: Total		416.00
    Hamilton Convention Hall	Net 30	02/08/23	8919
    		Item:		Indoor Falls
    		Quantity		3
    		Unit Price (ea.)		2,850.00
    		(3 units		8,550.00)
    		HST: Total		1,111.50
    The Wedding Chapel	Net 30	02/12/23	8920
    		Item:		Indoor Falls
    		Quantity		1
    		Unit Price (ea.)		5,200.00
    		HST: Total		676.00
    		TOTAL		$  19,153.50

37. Print the batch listing report for this batch and view it for accuracy.

38. Post the batch after you have checked it for errors.

39. Print the Posting Journal.

40. Enter the following receipts. Enter 02/28/2023 as the batch date. Use the RBC bank record for this batch. 

    Description:	Receipts – February 2023
    Batch Date:	02/28/2023
    Bank Code:	RB (or RBC – however you entered it)

Receipts

1. 1. 1. Enter cheque number 2125 dated 02/12/23 received from Suzie’s Flower Shoppe in the amount of $6,076.00 for invoice number 657225.  Although they have missed the 124.00 discount, they have taken it off of their cheque.  You have decided to allow them to take the discount.

      2. Enter cheque number 7785 date 02/15/23 from Hamilton Convention Hall in the amount of $7,250.00 for invoice number 657226.

Partial payment:

1. 1. 1. Enter a prepayment received from The Wedding Chapel on 02/17/23 in the amount of $1,000.00 paid on their Visa account.  Apply this part payment to Invoice 657227.  Receipt 2873

Miscellaneous Receipt:

1. 1. 1. Enter a miscellaneous receipt received from Mr. Gary Brown on 02/18/23.  He came in and paid cash to have a minor repair made to a small water fountain.  The repair was $150.00 + HST issued on Invoice 8921. Receipt # 2874

TOTAL             $   14,495.50

1. Print the deposit slip that displays all receipt types.

2. Print the batch listing report for this receipt batch.  Check the report for accuracy.

3. Post the batch after you have checked it for errors.

4. Print the Posting Journal.

5. Print the Customer transactions report by Document Number report for all transaction types. Include Fully Paid Transactions – exclude profile/applied details

6. Set the AR module as a sub-ledger for account 1010 in the General Ledger module.  

7. Post the open Accounts Receivable batches in the General Ledger module that were created from the February Invoice batch and the February Receipt batch. 

8. Print the Accounts Receivable Aged Trial Balance Report by the due date as of 02/28/2023.  Use the cutoff date of 02/28/2023. Do not change any other defaults. Print this report. You will compare it to the General Ledger module in the next step.

9. Use the Account History Inquiry in the General Ledger module to confirm the amount of the Accounts Receivable account in the General Ledger as of Period 2 in 2023. This amount should be the same as the total on the Accounts Receivable Aged Trial Balance printed in the previous step. 

assignment Submission

Once you complete your assignment:

1. Submit the following 10 reports in the Assignment 3 Submission Folder in Brightspace.
2. Make sure you name all your reports exactly as the bolded portion below, including the report number. 
3. When naming your files do not use . (period) before your name. Use a dash or hyphen.
4. Submit all 10 reports in a PDF format.

1.    1. Customer Groups List – your name (including group members)
2.    2. Customer List – your name (with profile and address)
3.    3. Historical Invoice batch posting journal – your name
4.    4. Tax Tracking report – your name
5.    5. Historical Receipt batch posting journal – your name
6.    6. Aged Trial Balance as of 01/31/2023 – your name
7.   7. February 2023 Invoices Posting Journal – your name
8.   8. February 2023 Receipts Posting Journal – your name
9.   9. Deposit Slip – Current Year – your name
10.  10. Customer Transactions by Document Number – your name
11.  11. Aged Trial Balance as of 02/28/2023 – your name

evaluation breakdown

Total Marks: 35

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